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Thu, Jan. 28, 6:11 AM
Wed, Jan. 27, 5:30 PM
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Dec. 31, 2015, 8:45 AM
- Heartland Payment Systems (NYSE:HP) is downgraded by Piper Jaffray to a Neutral rating after the investment firm had it slotted at Overweight.
- Piper lowers its price target on Heartland to $90 from $100. HPY closed at $95.34 yesterday after rising 51% over the last 90 days.
Dec. 28, 2015, 11:45 AM
- WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
- Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
- The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
- Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Dec. 11, 2015, 11:46 AM
- Investors should buy oil services stocks with exposure to onshore oil production on weakness going forward, Citi analyst Scott Gruber says in "a deliberately early call."
- Onshore oil businesses are set to recover because OPEC does not appear able to meet global demand after 2016, Gruber says, adding that the rally in the companies likely will be "powerful" when it arrives.
- Gruber continues to name Halliburton (HAL -1.7%) and Baker Hughes (BHI -4.7%) as his top picks, but he also believes small and mid-cap names in the sector will rally; he upgrades C&J Energy (CJES -4.8%), Nabors Industries (NBR -3.2%), Patterson-UTI (PTEN -2.2%), Superior Energy (SPN -3.8%) and Weatherford (WFT -6.2%) to Buy from Hold, and raises Helmerich & Payne (HP -2%) and National Oilwell Varco (NOV -1.4%) to Neutral from Sell.
Nov. 30, 2015, 2:23 PM
- The "lower for longer" consensus on crude oil prices is overly conservative, and prices will begin bouncing back next year, Guggenheim analysts say as they upgrade the oil services sector to Buy and see plenty of upside for the major players given current market conditions.
- Guggenheim is calling for oil prices to return to $100/bbl by 2018, and sees 10% upside across the board for oil services stocks in the next year resulting from the group's unique exposure to crude prices.
- Within the group, the firm prefers Rowan (RDC +1.8%) and Atwood Oceanics (ATW +1.6%), as their backlogs should help reduce near-term risk, RDC has no newbuild commitments and ATW is finalizing a contract in Brazil for one of its two uncontracted rigs, utilization in the Middle East (NYSE:RDC) and Australia (NYSE:ATW) should be resilient on a relative basis, and both have fleets that make them more interesting M&A candidates.
- Upgraded to Buy from Neutral: CAM, RIG, NE, OII, PACD, DO, ESV, CLB, OIS, HP, NBR, CRR, NOV, DRQ, FI, PTEN, SSE, FTI, CJES, FET, SPN.
Nov. 12, 2015, 6:13 AM
- Helmerich & Payne (NYSE:HP): FQ4 EPS of $0.04 misses by $0.01.
- Revenue of $566.01M (-42.5% Y/Y) beats by $44.19M.
Nov. 11, 2015, 5:53 PM
- UBS oil services analyst Angie Sedita cautions that 2016 will remain difficult in the industry, especially for offshore drillers, but she awards Buy ratings to three leading land drillers, noting that pricing weakness will remain a struggle but that land drillers typically lead the sector off the bottom.
- The firm says Helmerich & Payne (NYSE:HP), Nabors Industries (NYSE:NBR) and Patterson-UTI Energy (NASDAQ:PTEN) have the potential to bring patient investors solid returns in 2016 and beyond.
- None of the offshore drillers gain Buy ratings from Sedita and her team.
Nov. 11, 2015, 5:30 PM
Sep. 2, 2015, 2:18 PM
- Helmerich & Payne (HP -3.2%) is downgraded to Underperform from Market Perform with a $48 price target, lowered from $55, at BMO Capital, citing lower estimates and downside risk.
- Similar to offshore drillers, HP's 2016 earnings are benefiting from contracts signed at the peak of the market, BMO says, estimating that 61% of HP's rigs are contracted at rates 33%-50% above the current spot market in 2016, which would be a material headwind for three years.
- The firm also sees a risk of a dividend reduction at HP due to slightly negative cash flow over the next few quarters.
Aug. 3, 2015, 2:58 PM
- Helmerich & Payne (HP -0.8%) is upgraded to Accumulate from Neutral with a $65 price target at Global Hunter, which suggests "judiciously" building a position as the stock is trading at two-and-a-half-year lows.
- Land drillers tend to be early beneficiaries of cyclical recoveries, and Hunter continues to believe a U.S. onshore recovery is intact, beginning in 2016; however, the firm's views are tempered as consensus estimates suggest earnings risk on term-to-spot mix shift headwinds and an industry challenged by increased E&P rig efficiency and an 1,00-plus+ idle rig overhang.
Jul. 30, 2015, 6:11 AM
- Helmerich & Payne (NYSE:HP): FQ3 EPS of $0.83 may not be comparable to consensus of $0.17.
- Revenue of $660M (-30.7% Y/Y) beats by $59.11M.
Jul. 17, 2015, 11:32 AM
- Offshore drillers are significantly underperforming the broader market following cautious commentary from Schlumberger (SLB -0.1%) despite its Q2 earnings beat, a contract termination and an analyst downgrade.
- On its earnings call this morning, SLB said it expects little improvement in pricing levels in the near future and declines in activity for offshore drillers, while land rigs provide a more attractive opportunity and better margins.
- For its Q3, SLB foresees a further 5%-6% decline in Q/Q revenue as well as lower EPS, and says the $0.77 consensus is a realistic number.
- Yesterday, ConocoPhillips (COP -1.8%) said it plans to cut future deepwater exploration spending, particularly in its operated Gulf of Mexico program; in light of the decision, COP is terminating a contract for an Ensco (ESV -4.9%) deepwater drill ship.
- Also, UBS today downgraded National Oilwell Varco (NOV -1.5%) to Sell from Neutral.
- SDRL -6.4%, RIG -4.7%, RDC -6%, DO -3.3%, ATW -4.2%, HP -1.2%, PTEN -1.2%, PACD -5.7%.
Jul. 9, 2015, 3:26 PM
- The tide is finally starting to turn for global oil services stocks (NYSEARCA:OIH), Morgan Stanley says, now seeing a very favorable risk/reward balance for investors and up to 60% upside in the space over the next 6-9 months with only ~10% downside risk.
- The firm says it begins to see signs that global oil production is getting under control, as U.S. rig counts appear to have stabilized well below the level necessary to sustain production and Brazil production was recently revised well below consensus expectations.
- Stanley's top pick in the group is Schlumberger (SLB +1.1%), and it also likes Core Labs (CLB +2.2%), Frank's International (FI +1.5%), Patterson-UTI (PTEN +2.7%), Nabors Industries (NBR +4%) and Helmerich & Payne (HP +1.9%).
Jun. 2, 2015, 6:15 PM
- Half a loaf is better than no loaf at all, as investors pushed shares of offshore drilling contractors to strong gains in today's trade after Hercules Offshore (NASDAQ:HERO) said Saudi Aramco would keep three rigs working but at roughly half the previous dayrates.
- Cowen analysts offer a rather negative take, saying rate reductions were expected, but given the quality of its rigs and its difficult negotiating position, HERO received the harshest rate reductions among its peers; also while competitor contracts will revert to their original dayrates in early 2016, HERO’s rigs will be on the lowered rate through the end of 2016.
- Meanwhile, Atwood Oceanics (NYSE:ATW) received a month-long extension on one of its rigs, which prompts Susquehanna to boost its 2015 EPS outlook to $7.40 from $7.37 but maintain its Neutral rating and $32 stock price target.
- In today's regular session: HERO +6.1%, ATW +2.5%, RIG +3.7%, SDRL +4.2%, NE +4.7%, RDC +5.1%, DO +4.2%, ESV +4.5%, HP +2.5%, PKD +3.3%.
May 11, 2015, 11:49 AM
- It's time to "take profits and... a summer vacation" in onshore oil services stocks such as National Oilwell Varco (NOV -2.8%), Weatherford International (WFT -2.7%), Patterson-UTI Energy (PTEN -3.7%) and RPC (RES -4%), Citigroup's Scott Gruber says.
- The onshore service stocks are discounting at least 400 horizontal rigs returning to service, yet quick-to-market tight oil means supply concerns likely will manifest as soon as the rig count begins to rally, the firm says.
- Citi downgrades NOV to Sell from Neutral given risk of backlog cancellations, continued EPS compression and valuation, and believes a recovery multiple is not warranted for the stock until backlog growth resumes; the firm also cuts RPC to Sell, reiterates its Sell rating on Helmerich & Payne (HP -2%), and lowers WFT and PTEN to Neutral from Buy.
Helmerich & Payne Inc is engaged in contract drilling of oil & gas wells for others in the ownership, development & operation of commercial real estates. Its business comprises of three reportable segments: U.S. Land, Offshore & International Land.
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